Accounting Principles and Practices

Explanation: Financial accounting recognizes the transactions as happened. Management accounting recognizes inflation and its effect on the transactions in the company

Explanation: External economic and social factors particularly in these days of globalization influence the operations of the business. Hence they are appraised by the management accountants.

Explanation: Management accountant is also a controller and in this sense he has to properly interpret the financial statements

Explanation: Financial Accountants prepare the books of accounts as prescribed by the statute. Management accountants classify and codify them for the purpose of analysis and interpretation

To activate calculator, we have to press Ctrl + N. Then we can make calculations. 

For purchase order voucher, we have to click F11, then activate purchase order processing by clicking yes. Then we have to select accounting voucher from gateway of Tally and click Alt + F4. Purchase Order Voucher screen appears.

All non-cash transactions are entered in journal voucher. From Gateway of Tally, we first select Accounting Vouchers and then press F7 for journal voucher. For example, depreciation on machinery which is a non-cash transaction and is entered in journal. 

 Ctrl + F8 key is pressed for credit note after selecting accounting vouchers. Credit note is issued when the buyer returns some goods ( Sales Returns ).

Outstandings from debtors is the amount which is due from debtors, that is the amount which is still left to be paid by debtors. To show outstandings from debtors we have to select display, then statement of accounts, outstandings and receivables.

  We have to select display from gateway of tally. Then we have to select account books and then sales register. In sales register we get details of sales month wise like total sales in month of April, May, June etc.

Alt + R is pressed to repeat the narration entered in the previous ledger involving the same first ledger account. For instance narration of Wages expenses will be similar. So in payment voucher debiting Wages Expenses, press Alt + R at narration field, the narration of previous voucher with Wages Expenses as first ledger account will be copied.

 In order to get t a previous or preceding voucher of current date in alteration mode, we have to press Page up.

 F7 is clicked when group name is not needed to be modified. By clicking F7, the group name is skipped for faster alteration at multiple ledger screen. 

Sales return accounts are typically recorded in the Sales Return Book, which is a subsidiary book, not a specific ledger like the sales or purchase ledger.

The Journal Proper is used to record transactions that do not fit into any other subsidiary book, such as credit purchases of assets like machinery.